Veeva Systems (NYSE:VEEV) Given New $212.00 Price Target at Stifel Nicolaus

Veeva Systems (NYSE:VEEV) had its target price decreased by research analysts at Stifel Nicolaus from $320.00 to $212.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 16.91% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. UBS Group reduced their price objective on Veeva Systems from $280.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. KeyCorp reaffirmed a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. JPMorgan Chase & Co. cut their target price on shares of Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Veeva Systems in a research note on Tuesday, November 25th. Finally, BTIG Research reissued a “buy” rating and set a $340.00 price objective on shares of Veeva Systems in a research report on Friday, November 21st. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $293.71.

Veeva Systems Trading Up 2.8%

Shares of NYSE VEEV traded up $4.88 during mid-day trading on Thursday, reaching $181.34. The company had a trading volume of 103,452 shares, compared to its average volume of 2,127,168. Veeva Systems has a 1-year low of $168.13 and a 1-year high of $310.50. The stock has a market cap of $29.81 billion, a PE ratio of 35.12, a P/E/G ratio of 1.22 and a beta of 1.08. The company has a 50-day moving average price of $208.38 and a two-hundred day moving average price of $251.65.

Veeva Systems declared that its board has authorized a share buyback program on Monday, January 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the technology company to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the sale, the insider directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in Veeva Systems in the fourth quarter valued at about $332,412,000. Alphinity Investment Management Pty Ltd bought a new stake in Veeva Systems during the 3rd quarter worth about $422,241,000. Durable Capital Partners LP bought a new position in Veeva Systems in the second quarter valued at approximately $281,351,000. AQR Capital Management LLC boosted its position in shares of Veeva Systems by 111.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock worth $526,508,000 after purchasing an additional 969,905 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in shares of Veeva Systems by 1,039.4% during the 2nd quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock worth $292,292,000 after buying an additional 925,896 shares during the period. 88.20% of the stock is owned by institutional investors.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.